Saudi Arabia’s state-owned mining company Maaden is tapping oil giant Aramco for technical expertise as it accelerates efforts to survey the kingdom for copper, zinc, and other minerals crucial to the energy transition.
The two firms have formalized a joint venture that will combine Aramco’s geospatial data with Maaden’s mining expertise to explore about one-tenth of Saudi Arabia’s land. The partnership, first unveiled in January 2025, is expected to be owned 51% by Maaden and 49% by Aramco.
Companies are pouring in to search the kingdom: In 2020, there were just six exploration firms registered. That had risen to more than 225 by 2024, according to Enterprise AM. Saudi Arabia estimates it has some $2.5 trillion worth of mineral resources, but extracting even a fraction of those and making them commercially available will be a long process.